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Asked by Ken Murdock, 92584 Thu Jan 1, 2009

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Answers

3
Keith Sorem, Agent, Glendale, CA
Sun Jan 4, 2009
Ken
You are confused. Are short sale is only granted if there you can convince a lender that it is in their interest to allow you to sell short. In most cases you need to be insolvent. Are you?

Consult a tax professional about your tax liability. The IRS changed the 1031 rules effective Jan 1, so you should find out how they affect you.

My two cents is to keep renting it and ride the wave, just like most people.
0 votes
Manu Kapoor, Agent, New York, NY
Sun Jan 4, 2009
Short sale is for the owners who have mortgage more than they can sell for. I thing 1031 exchange would be the way to go for your situation, but do consult your tax consultant.
Web Reference:  http://www.goforloanmod.com
0 votes
Elizabeth Bo…, , Colorado Springs, CO
Thu Jan 1, 2009
Ken:
Short sales are for folks who are in a hardship situation, like they have lost their job and can no longer make their mortgage payments. Since that is not your situation, this is not really an option for you. You could either move back in for a year prior to selling so it was owner occupied for 2 out of the last 5 years or 1031 exchange the property. Consult a tax accountant for more details.
Liz Bowen
Keller Williams Partners
0 votes
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